https://www.taxtmi.com/caselaws?id=69147 The ITAT upheld the Commissioner's decision on foreign exchange fluctuation treatment, disallowance under sections 40(c) and 40A(5), and sales tax liability treatment for assessment years 1978-79 and 1979-80. It disagreed with the ITO on bonus provision treatment under the Bonus Act, allowing deductions based on the mercantile system. The ITAT supported flood relief expenditure allowance under section 37 for 1979-80, emphasizing commercial expediency. Overall, the ITAT partially allowed three appeals and dismissed three stay petitions, addressing complex income tax assessment and expenditure deduction issues. en-us Wed, 08 Feb 1984 00:00:00 +0530 Tue, 05 Apr 2011 14:08:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69147 The ITAT upheld the Commissioner's decision on foreign exchange fluctuation treatment, disallowance under sections 40(c) and 40A(5), and sales tax liability treatment for assessment years 1978-79 and 1979-80. It disagreed with the ITO on bonus provision treatment under the Bonus Act, allowing deductions based on the mercantile system. The ITAT supported flood relief expenditure allowance under section 37 for 1979-80, emphasizing commercial expediency. Overall, the ITAT partially allowed three appeals and dismissed three stay petitions, addressing complex income tax assessment and expenditure deduction issues. Case-Laws Income Tax Wed, 08 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69147